RELIANCE INDUSTRIES
Reliance Industries Limited and Saudi Aramco signed a non-binding Letter of Intent in August 2019 for a potential 20% stake acquisition by Saudi Aramco in the O2C Business of Reliance. Over the past two years, both the teams made significant efforts in the process of due diligence, despite Covid restrictions. This has been possible due to the mutual respect and long-standing relationship between the two organisations.
Reliance Industries Limited and Saudi Aramco signed a non-binding Letter of Intent in August 2019 for a potential 20% stake acquisition by Saudi Aramco in the O2C Business of Reliance. Over the past two years, both the teams made significant efforts in the process of due diligence, despite Covid restrictions. This has been possible due to the mutual respect and long-standing relationship between the two organisations.
The Four Giga Factories which will be part of the complex will include:
1. an integrated solar photovoltaic module factory for production of solar energy
2. an advanced energy storage battery factory for storage of intermittent energy
3. an electrolyser factory for production of green hydrogen and
4. a fuel cell factory for converting hydrogen into motive & stationary power
Jamnagar, which accounts for a major part of the O2C assets, is envisaged to be the centre for Reliance’s new businesses of Renewable Energy & New Materials, supporting the Net Zero commitment.
Due to evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context. Consequently, the current application with NCLT for segregating the O2C business from RIL is being withdrawn.
The deep engagement over the last two years has given both Reliance and Saudi Aramco a greater understanding of each other, providing a platform for broader areas of cooperation. Saudi Aramco and Reliance are deeply committed to creating a win-win partnership and will make future disclosures as appropriate.
RIL shall continue to be Saudi Aramco’s preferred partner for investments in the private sector in India and will collaborate with Saudi Aramco & SABIC for investments in Saudi Arabia.
Saudi Aramco and RIL have a very deep, strong and mutually beneficial relationship, that has been developed and nurtured by both companies over the last 25 years. Both companies are committed to collaborate and work towards strengthening the relationship further in the years ahead.
Incorrect Media Report about ONGC offering its prominent fields through EoI
This release is in the context of the news carried in a certain segment of the media about ONGC offering its prominent fields through Expression of Interest (EoI).
The 'news' about ONGC is incorrect. This release aims to clarify the position in this regard, in the interest of corporate governance of a listed company.
ONGC has an established process to upgrade its portfolio with technology infusion and collaboration. As an integral part of this process, ONGC senior management has had several business meetings with various international companies and existing partners who are interested to invest in ONGC projects being offered and to strengthen collaborations. Such meetings during these events and participation are usual for industry players.
ONGC invited parties to participate in its ongoing Marginal Fields (43 number) Bid-out tender and announced the launch of its Production Enhancement Contracts for six other fields
ONGC being a listed company, it is requested that such unfounded news, being without basis, may not be published, as such news could affect the share prices and involve regulatory issues. Through this communication, ONGC hopes to set to rest the entire speculation circulating on the issue.
Zydus Cadila receives final approval from USFDA for Decitabine Injection
Zydus Cadila has received final approval from the USFDA to market Decitabine for Injection in the strength of 50 mg/vial Single-Dose Vial (USRLD: Dacogen). Decitabine is used to treat myelodysplastic syndromes, certain types of blood or bone marrow cancer. The drug will be manufactured at the group’s injectables manufacturing facility at Zydus Hospira.
The group now has 326 approvals and has so far filed over 400 ANDAs since the commencement of the filing process in FY 2003-04
Biocon Biologics and Viatris Announce Insulin Glargine (insulin glargine-yfgn) Injection Will Be Offered Through the Walgreens Prescription Savings Club
Biocon Biologics Ltd., a subsidiary of Biocon Ltd., and Viatris Inc. are proud to confirm that Insulin Glargine (insulin glargine-yfgn) injection will be offered through the Walgreens Prescription Savings Club, saving members up to 80 percent off the cash price of comparable long-acting insulins purchased at Walgreens.
This decision by Walgreens follows the launch of Insulin Glargine (insulin glargine-yfgn) announced on November 16. Biocon Biologics and Viatris co-developed the product, and together the companies are committed to improving patients' access to sustainable, quality and more affordable healthcare.
Biocon Biologics and Viatris are together committed to ensuring that the interchangeable biosimilar insulin glargine can reach as many patients as possible regardless of financial circumstances, insurance or channel. The collaboration with Walgreens underscores our efforts to improve outcomes and access for patients by meeting the needs of cash-paying patients and partnering with key stakeholders across the country to lower out-of-pocket costs for insulin users.
Indications and Important Safety Information
Semglee is a long-acting human insulin analog indicated to improve glycemic control in adults and pediatric patients with Type 1 diabetes mellitus and in adults with type 2 diabetes mellitus. It is not recommended for the treatment of diabetic ketoacidosis. Do not use during episodes of hypoglycemia or if hypersensitive to insulin glargine or its excipients. Patients should be instructed to never share the prefilled pen even if the needle is changed. Changes to a patient’s insulin regimen should be done under close medical supervision with increased frequency of blood glucose monitoring as hyper- or hypoglycemia may occur. Hypoglycemia is the most common adverse reaction with insulin, including Semglee and it may be life-threatening. Increase frequency of glucose monitoring when there are changes to: insulin dosage, coadministered glucose lowering medications, meal pattern, physical activity; and in patients with renal or hepatic impairment and hypoglycemia unawareness. Patients and caregivers must be educated to recognize and manage hypoglycemia. Medication errors can result from accidental mix-ups among insulin products. Instruct patients to always check the insulin label before injection. Severe, life-threatening generalized allergy, including anaphylaxis can occur with insulin products, including Semglee. If hypersensitivity reaction occurs, discontinue Semglee and treat per standard of care and monitor until symptoms and signs resolve. Monitor potassium levels for hypokalemia and treat if indicated. Fluid retention and heart failure have been reported with concomitant use of thiazolidinediones (TZD). Observe for signs and symptoms of heart failure; consider dosage reduction or discontinuation of TZD if heart failure occurs.